Nokia expects to exceed 2021 financial guidance and provides operating margin guidance for 2022

11. 01. 2022 Tuesday / By: Robert Denes / Business / Exact time: BST / Print this page

In Q4 2021 Nokia’s underlying business performed largely as expected. However, other operating income was higher than expected including further benefits from venture fund investments, leading to a stronger comparable operating margin exceeding the 2021 guidance.

11 January 2022 at 09:15 EET

Espoo, Finland – Nokia is today providing an update to its financial guidance for 2021 and a comparable operating margin guidance for 2022.

Based on preliminary and unaudited financial results for 2021 Nokia now estimates net sales of approximately €22.2bn within its previous guidance of €21.7 to 22.7bn and a comparable operating margin of 12.4 to 12.6% above its previous guidance of 10 to 12%. The company estimates it has benefited from approximately 150bps of one-offs in financial year 2021 to its comparable operating margin (up from 100bps expected at our Q3 earnings) related to venture fund investments, a one-off software contract in Q2, bad debt provision reversals and some other one-time benefits.

Updated 2021 guidance based on preliminary and unaudited 2021 financials:

Previous (28 Oct ’21) Updated
Net sales €21.7bn to €22.7bn1 Approx. €22.2bn
Comparable operating margin 10 to 12% 12.4 to 12.6%
Free cash flow Clearly positive Clearly positive
Comparable ROIC 17 to 21% 17 to 21%

1 Assuming actual currency rates until Sept 2021 and end of Sept EUR/USD rate of 1.16 continues in the remainder of 2021.

2022 outlook:

Nokia is also introducing a new comparable operating margin guidance for financial year 2022 of 11% to 13.5%. This new guidance considers estimated continued improvements in the underlying business, supply constraints and cost inflation, with the year-on-year progression also impacted by the significant one-offs seen in 2021.

The company will release its fourth quarter and full year 2021 financial results on Thursday 3 February 2022 when it will also revisit its longer-term outlook.

Nokia will conduct a conference call with analysts and investors to discuss its fourth quarter performance and business outlook on 3 February 2022 at 11:30am EET / 9:30am BST / 4:30am US EST.

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